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ESG
Did you know that a substantial amount of money remains unclaimed in bank accounts across India? As per the data revealed in Parliament, as of March 2023, there were ₹42,272 crore unclaimed deposits in the Indian banks, with ₹36,185 crore in public sector banks and ₹6,087 crore in private sector banks. This was a significant increase from ₹32,934 crore in the financial year 2022, a surge of 28%.
A simple step that can prevent your funds from adding to these unclaimed totals is assigning a nominee for your savings account.
What happens without a nominee?
Without a savings account nominee, the claim process can become more complex and time-consuming after the death of the account holder. The family or legal heirs may have to prove they have the right to the funds.
The bank may ask for several documents, including the deceased's death certificate, KYC information for all legal heirs, account details, and declarations from someone who knew the deceased but isn't directly connected or from another account holder in the same bank who knows the family.
This can be a lengthy and stressful process, which may take months or even years to complete. During this time, your dependents may suffer financially, especially if they depend on your savings for both daily needs and long-term expenses. To avoid all these, it makes sense to name nominees for your bank accounts.
Benefits of having a nominee
Learn about the importance of a nominee in savings accounts through the useful benefits described below.
Hassle-free transfer of funds: Adding a nominee helps you transfer your hard-earned money to your chosen beneficiary after your passing. This can prevent unwanted delays, family feuds, or legal disputes while distributing assets.
Assurance and comfort: You get peace of mind knowing that your financial assets will be accurately directed according to your wishes without unnecessary complications.
Legal clarity: Nomination helps in clearly defining the beneficiary, which can prevent disputes among family members about the rightful claimant of the funds.
Immediate support for dependents: If your beneficiary is dependent on you financially, unexpected delays in accessing your savings can create more hardships for them. Naming a nominee in your savings account helps them receive instant financial support after your demise.
Who can be a nominee?
Your savings account nominee can be:
- Anyone you trust.
- A family member like your children, spouse, sibling, etc.
A relative, friend, or will executioner.
If you name a minor (under 18) as a nominee, you must choose an adult guardian who is not a minor to collect the amount on behalf of the minor nominee.
Updating your nominee information
Life is very unpredictable and can change in unexpected ways. Hence, you must update your nominee information as per your changing life situations.
For example, if your nominee passes away before you, it is crucial to appoint a new one. Similarly, you might want to add or change nominees after major events, such as divorce, remarriage, birth of a child, or adoption of children.
What a nominee is not responsible for?
If the savings account nominee is not a legal heir, they cannot use the account's funds for themselves. A nominee simply serves as a custodian and has the duty to make sure the funds are disbursed to the rightful heirs as per the deceased's wishes or legal requirements. If there is a will, the funds are distributed as specified within it. Without a will, the distribution follows the personal law applicable to the deceased.
Why choose Metra Trust for your savings account?
With Metra Trust Savings Accounts, you get competitive interest rates on your deposited balance, which makes your savings grow faster through compounding. Moreover, with a 100% digital application process, no hidden charges, and a customer-first approach, Metra Trust ensures your financial needs are well taken care of.
With an Metra Trust savings account, you can also modify your account's nominee at any time. It is possible to change, cancel, or reappoint your nominee without any limits on the number of modifications.
Conclusion: Secure your loved ones' future today
Assigning a nominee for your savings account is a powerful act of responsibility. It is not obligatory to have a nominee for the bank account, but this simple step provides peace of mind, knowing that your assets will be managed as per your wishes.
An Metra Trust savings account makes the process of adding or modifying the nominee simple and user-friendly. With complete transparency and customer-oriented services, it can be your trusted partner for handling your finances and securing the well-being of your dependents. Apply today and protect the interests of those you care most about.